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Helium is a blockchain network for the Internet of Things (IoT). It facilitates communication between IoT devices by sending data across globally distributed nodes. 

The network has two key components: 

• Hotspots: These are the nodes composing the Helium network. 
• LoRaWAN: LoRaWAN is a media access control layer with a cloud component for connection. Hotspots use LoRaWAN to provide public network coverage. 

Currently, Helium is one of the largest LoRaWAN networks, with approximately 25,000 Hotspots acting as network nodes. 

The Helium ecosystem also has a native cryptocurrency and protocol token called HNT. It primarily serves two stakeholders: 

• Hotspot Hosts and Network Operators: Hosts can mine HNT and help in deploying and maintaining network coverage.

• Enterprises and Developers: Burning HNT tokens create Data Credits, used to pay transaction costs for wireless data transfers. 

Hotspots are the critical functional elements of the Helium network. HNT holders (node operators) control these Hotspots and enable the network’s functionality by hosting and administering nodes. These nodes allow Helium to provide 200x coverage vis-à-vis ordinary IoT-based WiFi connections. 

Helium’s decentralized architecture implements a Proof of Coverage (PoC) consensus mechanism. Besides securing the network, this algorithm incentivizes HNT holders and node operators. Anyone can host Hotspots and earn HNT rewards by fulfilling one of the following roles: 

• Challengers issue network challenges to validate radio frequencies, which occur every 240 blocks.
• Transmitters help by sending the challenge to the Witness.
• Witnesses confirm the validity of the challenge.

The rewards are determined by users’ involvement (role) in the Hotspot network. As a miner, a user produces radio frequencies by connecting to the network, while the PoC validates Hotspot locations. 

Helium was founded in 2013 by Amir Haleem, Sean Carey, and Shawn Fanning. 

The project has raised a total of $364.8M in funding over 7 rounds. In February 2022, the project reached another milestone by having over 500,000 miners worldwide, as well as raising $200 million to a $1.2 billion valuation. 

In 2019, the Helium network spread across Austin, San Francisco, and New York. 

In October 2021, Helium partnered with Dish Network to enable 5G wireless services. 

Helium (HNT) is protected by its Proof of Coverage consensus mechanism. PoC is built on the HoneyBadger BFT protocol that facilitates node communication even in unstable environments. Moreover, Helium wallets use asymmetric keys to protect users’ private keys.

However, most hackers and online frauds target individuals rather than protocols and platforms. Online crypto wallets or hot wallets are particularly vulnerable to compromising private keys.

Thus, using cold (hardware) wallets is advisable for optimal security. They store private keys offline, putting them at a safe distance from hackers. Ledger’s wallets are industry-leading hardware wallets that fully secure Helium (HNT). 

Helium (HNT) is available on several centralized (CEXs) and decentralized exchanges (DEXs) globally. The problem with CEXs, however, is that they don’t provide complete ownership to users, retaining control over private keys. Moreover, CEXs usually implement strict KYC regimes that can threaten users’ privacy. 

DEXs are ideal for those seeking private ways of buying HNT. But as mentioned above, there are considerable security risks on account of hot wallets. Although Ledger Live doesn’t directly support HNT at the moment, you can still store them safely in your Ledger hardware wallet.